Diploma in Financial Planning
Handbook 2014
Diploma in Financial Planning
Your route to becoming a CERTIFIED FINANCIAL PLANNERCM
Professional
Contents
Page
Becoming a CERTIFIED FINANCIAL PLANNERCM Professional
Education Level
Entry requirements
Preparing for the Diploma in Financial Planning
3
4
4
4
1. The assessment process
5
2. About the examination
6
2.1 What is tested and how
6
2.2 Registering for the examination
6
2.3 Before the examination
6
2.4 On the day of the examination
6
2.5 After the examination
7
2.6 Enquiries and appeals policy and procedures
7
3. About the case study assessment
9
3.1 Submitting the Financial Plan for Assessment
9
3.2 Feedback to candidates from assessors
10
3.3 Borderline Financial Plans
10
3.4 Enquiries and appeals policy and procedures
11
4. FPSB UK Customer Service Statement
13
5. Reasonable adjustments and special consideration policy and procedures
14
6. Malpractice procedures
14
7. Position statement on use of Welsh and Irish
17
8. Equality of opportunity policy
17
9. Confidentiality Policy
17
10. Data Protection Statement
18
11. Guidelines for challenging the validity of the certifying procedures
18
12. FPSB UK Level 6 Diploma in Financial Planning syllabus
19
Appendix I:
The CERTIFIED FINANCIAL PLANNERCM Certification Entry Requirements
Appendix II:
Examination fees and dates
Appendix III:
Case Study Assessment fees
Appendix IV
Recommended reading list
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by Financial
Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority for the CFP marks in
the United Kingdom, through agreement with FPSB.
Page 2
Becoming a CERTIFIED FINANCIAL PLANNERCM
Professional
Becoming a CERTIFIED FINANCIAL PLANNERCM professional means much more
that gaining a level 6 qualification. It’s a way of transforming the service you
provide, helping you to deliver real value for clients. It’ll transform your
business success as a result too.
Success in the Diploma means you're eligible to join the 1,000 CERTIFIED FINANCIAL PLANNERCM
professionals in the UK and be part of a global community of over 153,000 Financial Planning
professionals. The FPSB UK Diploma in Financial Planning is your route to becoming a CERTIFIED
FINANCIAL PLANNERCM Professional in the UK.
The Diploma in Financial Planning is an advanced level qualification which tests a candidate’s ability
to apply their detailed knowledge and skills of Financial Planning practice to deliver effective
solutions for clients.
Becoming a CFPCM professional is not an easy undertaking. The assessment and learning process
represents a significant challenge and that is why CFPCM certification is so highly respected as an
international standard.
There are significant business benefits to becoming a CFP CM professional. As well as acquiring a well
recognised and respected qualification, the learning process takes candidates through a rigorous six
step Financial Planning process. This process not only recognises personal and practical development
but symbolises strong technical knowledge along with the ability and skill to apply this knowledge to
clients’ situations and produce highly effective results. It is very much in line with the RDR
requirements, helping the Financial Planner to deliver a service that puts the client first and their
needs right at the heart of the process.
CFPCM professionals adhere to a strict code of ethics and practice standards. This is coupled with
complying with rigorous CPD requirements to ensure that relevant competence is maintained. It
sends the strongest message to clients that CFP CM professionals are fully committed to their own
professional development and have reached the peak of the Financial Planning profession.
CERTIFIED FINANCIAL PLANNERCM, CFPCM and
marks are international marks representing the
highest professional certification globally that can be awarded to a Financial Planner. Over 1,000
CFPCM professionals in the UK are part of this global community of over 150,000 from 25 territories.
In 2013, 130 candidates registered for CFPCM certification; around 43% passed. In addition, 27% of
candidates ran out of time or failed to complete the assessment process successfully.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 3
Education Level
The FPSB UK Diploma in Financial Planning is a level 6 qualification recognised by Ofqual. It
represents a challenging test of your technical ability by examination, but also assesses how well you
can apply this knowledge in order to produce an effective financial plan - i.e. your planning skills. The
qualification is based on the Financial Planner Competency Profile developed by FPSB
www.FPSB.org
Entry Requirements
In order to attempt the Diploma in Financial Planning , one of the following qualification
requirements must be met by candidates:
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

An FCA-recognised Diploma post 1.1.13
An FCA-recognised Transitional Qualification plus Qualification gap-fill
A current and valid SPS
Preparing for the Diploma in Financial Planning
Candidates should ensure that they are thoroughly familiar with the Diploma assessment criteria
which can be found in Section 12 of this document. Additional reading is also recommended in
Appendix IV.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 4
1. The Assessment Process
The assessment for the FPSB UK Diploma in Financial Planning qualification comprises of two
separate components, both of which must be passed successfully.
i.
ii.
Principles of Financial Planning examination.
Financial Plan based on a case study.
Principles of Financial Planning examination
 QCF level 4
 Online / paper-based two hour exam
 30 multiple choice questions
 Case study based questions and
calculations
 Pass mark in region of 65%
 If failed, whole exam will need to be
retaken
 Results issued within six weeks
Financial Plan based on a case study
 QCF level 6
 Financial Plan with 12 weeks to complete
 Each unit must be passed
 Failed units may be repeated up to two
times
 Results issued within eight weeks
New candidates should pass the Principles of Financial Planning examination before proceeding to
attempt and submit their Financial Planning case study.
After passing the examination, candidates may then purchase a case study. There will be no choice
of case study. The case study will be selected randomly from a bank of case studies all of which will
deal with a typical Financial Planning client. Candidates will have 12 weeks to prepare a Financial
Plan based on the client scenario using the learning outcomes and assessment criteria as a guide.
The Financial Plan is assessed independently by two assessors using the assessment criteria. If the
assessment is passed, provided all the other criteria are met, the candidate may apply to the IFP to
become a CERTIFIED FINANCIAL PLANNERCM Professional.
If the case study assessment is not passed initially, then the plan may be resubmitted. It will be
necessary to pass each unit in order to pass the qualification. If one or more units are not passed
then the plan may be amended and resubmitted.
If the mark for the assessment is very low and / or a significant number of units are failed, the whole
plan may need to be submitted. In such instances some limited feedback will be given to candidates
in order to provide guidance on where their plan has failed.
What training and support is available for candidates?
As a qualifications provider, FPSB UK does not provide training facilities for its qualifications.
However, the IFP provides a range of training courses to support the needs of candidates preparing
for the Diploma in Financial Planning as well as other qualifications. This includes a new Integrated
Financial Planning Programme which was introduced in 2013. Other training provisions may be
available.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 5
2. About the Examination
2.1 What is tested and how?
The Principles of Financial Planning unit consists of a two hour examination. The examination
comprises 30 multiple choice questions as well as detailed responses to a client case study, including
financial calculations.
The Principles in Financial Planning exam is delivered online using a bespoke platform or on paper.
This is available at a number of centres throughout the UK. Details of dates and venues can be
found in Appendix I.
2.2 Registering for the Examination
In order to register for the Principles of Financial Planning Exam, you should complete the
registration form (available at the back of this document or download from our website) and send it
to the FPSB UK with your payment. You should decide where and when you wish to sit the
examination. We may be able to offer additional dates and venues – please contact us for further
details. Together with the Exam entry registration form, you will need to send in evidence of your
examination passes. The registration for the examination won’t be processed without a proof of
eligibility.
FPSB UK reserves the right to cancel, withdraw or substitute venues / dates if there are insufficient
candidates.
2.3 Before the examination
At least two weeks before the examination you will be sent a list of rules and regulations, along with
the confirmation of the date, time and venue of the exam. You will, as well, be provided the
specimen paper, which should help you to familiarise yourself with the format of the exam.
2.4 On the day of the examination
On the day of the examination you should arrive 15 minutes before the scheduled start time of the
examination. If you arrive late, you may not be allowed to sit the examination. You should bring
photo identity with you such as a Driving Licence or a Passport as this may be checked by the official
to verify your identity.
You may bring a silent, non-programmable calculator with you to use during the examination. The
calculator must not be capable of storing any data. If you wish to check that your calculator is
allowed, please contact FPSB UK for guidance. It is acceptable to use a scientific or financial
calculator provided that it meets the criteria above.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 6
If you bring a phone or similar device with you, you should ensure that it remains switched off
throughout the examination. Failure to comply with this requirement may disqualify you from the
examination.
The time allowed for the examination is two hours; you may leave early if you wish provided that
you do not disturb other candidates.
The examination consists of two parts: the first part will be 30 multiple choice questions and the
second part will be based around a case study and you will be required to answer a number of
questions based on the case study. Tax tables and other reference materials will be provided and
you should not bring these with you.
2.5 After the Examination
Results will be sent out within six weeks after the examination via email or post. The nominal pass
mark is 65% although the actual pass mark may vary slightly to reflect the difficulty of the particular
examination that you took. We are not able to provide details of individual candidate scores.
Successful candidates
If you have passed the Examination, then you may apply for a case study to start the second part of
the assessment. Successful candidates, provided that they hold a personal taxation qualification, will
be able to apply for the Certificate in Paraplanning and apply to IFP to become an Accredited
Paraplanner.
Unsuccessful candidates
If you do not reach the required pass standard, you may attempt the examination again by
completing the entry form sent to you with your result.
2.6 Enquiries and appeals policy and procedures
Appeals
We operate a clear and transparent appeals process in line with the regulatory arrangements of
Ofqual.
Administrative check
An administrative checking service is available to candidates who have failed a written paper. The
service will check that all parts of the exam have been marked and that the marks have been totalled
and recorded correctly. It will also check that any special consideration has been taken into account,
where applicable.
Requests for administrative checks should be made by way of letter addressed to the Qualifications
Co-ordinator to arrive no later than 14 days following receipt by the candidate of the result to which
the administrative check relates. We will acknowledge the request within seven days of receipt. The
result of the administrative check will be sent to the candidate within 14 days of receipt. Candidates
who are not satisfied with the administrative check can appeal against their result. (See below).
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 7
Appeal against result
Appeals should be made by way of letter to the FPSB UK Chief Executive to arrive no later than 14
days following receipt by the candidate of the outcome of the administrative check or the issue of
the result. In the event that a candidate wishes to appeal, all the documents relating to their
examination will be considered by the senior examiner. The cost of an appeal is £75 which will be
refunded if the appeal is successful. As part of the consideration, a review of the original marking will
be carried out. To ensure independence, the senior examiner will not have been involved in the
assessment of the candidate previously. We will acknowledge the appeal within seven days of
receipt. The result of the appeal will generally be sent to the candidate within 28 days of receipt.
The decision of the senior examiner is final.
Unresolved appeals
Candidates who have reason to believe that the appeal has not been conducted correctly should
write to the Chairman of the FPSB UK Examination and Certification Committee by way of letter
within 14 days of receipt of the result of their appeal. The letter should provide a detailed
explanation as to why the candidate believes the appeal has been conducted incorrectly, with
evidence to support this explanation. The Chairman has the discretion to put the matter to the
Examination and Certification Committee if they believe the candidate has suitable grounds for
complaint. In this case, the candidate will be notified of the referral within 14 days of receipt of the
letter and of the committee’s decision within 14 days of the meeting. If the Chairman finds
insufficient grounds for referral, they will notify the candidate within 14 days of receipt of the letter,
giving the reasons why. In all cases, the decision of the Chairman is final.
All other complaints
Any complaint in respect of any other matter, including inter‐alia but with limitation, the assessment
or examination environment or facilities, including the invigilation of the examination, or the
conduct of any other person whether candidate or staff of the FPSB UK or any other matter
surrounding the registration for the assessment must be made by way of letter addressed to the
FPSB UK Qualifications Coordinator to arrive no later than 14 days following the date of the
examination or the date on which the matter complained of occurred if some other date.
We will acknowledge the complaint, in writing, within seven days of receipt. The acknowledgement
will set out the date by which the candidate can expect a response to the complaint. Following
investigation of the complaint a full response will be sent to the complainant, within the timescale
set out in the FPSB UK’s acknowledgement of the complaint, setting out the steps taken during the
course of the investigation, the results of the investigation and the final decision on the matter.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 8
3 About the Case Study
The case studies are written by Financial Planning professionals and are intended to replicate reallife clients who might be seeking Personal Financial Planning advice. Typically, there will be several
areas of planning need and multiple objectives some of which may be unachievable, as they may be
in real life. The case studies are based on English law and practice and Financial Plans should be
answered on this basis. For candidates who wish to answer on the basis of Scottish law and practice,
they should advise FPSB UK in advance of their assessment so that they can be issued with a case
study where the clients live in Scotland.
3.1 Submitting the Financial Plan for Assessment
Candidates should submit their Financial Plan by post together with a completed Assessment
application Form. There should be nothing in the Financial Plan to identify the candidate or their
firm. Candidates are also required to submit a Word/PDF version of their Financial Plan. Details of
how to submit this will be sent to the candidates. Candidates should be aware that FPSB UK uses
software to produce an originality report for each Financial Plan.
All learning outcomes assessed within the Financial Plan need to be passed in order that the
candidate is successful and passes the qualification.
The assessment process will take eight weeks from the date the plan is received by FPSB UK. On
receipt of the submission by FPSB UK, the candidate’s plan with the relevant marking sheets and
case study are sent to two assessors. If there is a significant discrepancy in the marking of the two
assessors which will materially affect the result, then the plan is sent to an adjudicator for
adjudication on the points of disagreement.
If the candidate has passed the assessment, they are informed in writing.
If a candidate’s Financial Plan does not meet the required standards the candidate is sent a letter
that will include constructive feedback to assist in correcting the parts they have failed, in order to
meet the Diploma in Financial Planning standards. Not all points will be raised in detail and
candidates are advised to review any resubmission carefully against the Assessment Criteria which
can be found in the Diploma in Financial Planning Handbook, Diploma Syllabus or on the IFP
e-learning package.
The result letter will show which learning outcome have been passed and failed. All learning
outcomes within a unit must be passed to achieve a pass in the unit.
Candidates have 12 weeks from the date of the feedback letter to re-submit their revised plan for
assessment. Only the failed units will be reassessed.
Following a fail on a second submission a further and final submission is allowed, giving three
submissions per case study in total. The above assessment process is carried out for both second and
third submissions, a copy of the candidate’s previous submission(s) and current feedback letter are
also sent to the assessors for their reference.
If the Financial Plan is failed following the third submission, it is not possible to resubmit based on
the same case study. The candidate may apply for a new case study and start the assessment
process again.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 9
3.2 Feedback to candidates from assessors
Candidates will be provided with feedback once the assessment process is complete. The feedback
will state whether the Financial Plan has met the required standards (Pass / Fail). If the result is a
pass, candidates may be provided with helpful guidance to improve further the standard of their
Financial Plans. If a candidate meets the eligibility requirements (see 1.1), then they may apply to
the IFP (parent body of FPSB UK) for certification as a CFPCM professional.
If the Financial Plan does not meet the required standards, feedback will be provided which will
include:



list of passed and failed units and list of passed and failed learning outcomes within the units
general comments for improvement of the Financial Plan in order to meet the assessment
criteria.
brief comments on each failed unit and any failed learning outcomes .
Please note that not all points will be raised in detail and you should review your resubmission
carefully against the learning outcomes assessment standards which can be found in section 12.
3.3 Borderline Financial Plans
Under some circumstances a Financial Plan may be considered to be borderline. In this case, the
candidate may be offered an opportunity to submit a written justification of part(s) of their plan or
to undertake a vive voce assessment.
A Viva Voce Assessment (viva) consists of oral questions posed to a candidate, to which the
candidate gives an oral response in real time. This may be conducted by a physical meeting or
telephone conference. A viva is primarily used to provide additional evidence to help assessors
decide whether a borderline Financial Plan should pass or fail. It may also be used to provide
additional evidence for assessment purposes to confirm a decision. Broadly, a viva is used to
provide evidence that a candidate should pass.
All viva candidates will be questioned by using short, open questions based upon the Assessment
criteria and designed and phrased to assess possible weaknesses in the candidate’s written
assessment. All candidates will be questioned on their understanding of the Financial Planning
process.
Those candidates exhibiting potential weaknesses in application of the Financial Planning process to
specific technical areas will also be questioned on those areas. Normally at least three questions will
be posed per area of assessment.
The viva should not normally last for more than 20 minutes and will terminate when the assessors
are satisfied enough evidence has been gathered upon which to make a decision.
At the commencement of each viva, the candidate’s identity must be verified by:

checking his/her candidate number;

sight of identification (e.g. passport or I.D. Card with photograph) or

by a witness physically present who can verify the candidate’s identity (normally a CFPCM
professional or other person regulated by a recognised profession or regulatory body e.g. a
T&C or Compliance officer).
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 10
The written record of the viva will be treated as assessment evidence and retained with other
assessment evidence by the Qualifications Coordinator.
The request for a viva will only be made by the Senior Assessor or Qualifications Director to the
Qualifications Coordinator. The Qualifications Coordinator will liaise between the candidate and the
assessors to arrange a convenient date, time and, if required, location.
A viva or written justification is likely to be required where it is not clear that the plan is wholly the
candidate’s own work. Other than in very exceptional circumstances, we will not use a viva to
downgrade candidates, who have passed based upon their written evidence.
3.4 Enquiries and appeals policy and procedures
Appeals
We operate a clear and transparent appeals process in line with the regulatory arrangements of
OFQUAL.
Administrative check
An administrative checking service is available to candidates who have failed a written paper. The
service will check that all parts of the exam have been marked and that the marks have been totalled
and recorded correctly. It will also check that any special consideration has been taken into account,
where applicable. Requests for administrative checks should be made by way of letter addressed to
the Qualifications Coordinator to arrive no later than 14 days following receipt by the candidate of
the result to which the administrative check relates. We will acknowledge the request within seven
days of receipt. The result of the administrative check will be sent to the candidate within 14 days of
receipt. Candidates who are not satisfied with the administrative check can appeal against their
result. (See below).
Appeal against result
Appeals should be made by way of letter to the Qualifications Director to arrive no later than 14
days following receipt by the candidate of the outcome of the administrative check. In the event that
a candidate wishes to appeal, all the documents relating to their submissions and the assessment
will be considered by the Senior Assessor. The cost of an appeal is £75 which will be refunded if the
appeal is successful.
As part of the consideration, a review of the original marking will be carried out and the Senior
Assessor may wish to conduct a viva assessment at a mutually convenient time. To ensure
independence, the Senior Assessor will not have been involved in the assessment of the candidate
previously. We will acknowledge the appeal within seven days of receipt. The result of the appeal
will be sent to the candidate within 28 days of receipt.
The decision of the Senior Assessor is final.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 11
Unresolved appeals
Candidates who have reason to believe that the appeal has not been conducted correctly should
write to the Chairman of the FPSB UK Examination and Certification Committee by way of letter
within 14 days of receipt of the result of their appeal. The letter should provide a detailed
explanation as to why the candidate believes the appeal has been conducted incorrectly, with
evidence to support this explanation. The Chairman has the discretion to put the matter to the
Examination and Certification Committee if they believe the candidate has suitable grounds for
complaint. In this case, the candidate will be notified of the referral within 14 days of receipt of the
letter and of the committee’s decision within 14 days of the meeting. If the Chairman finds
insufficient grounds for referral, they will notify the candidate within 14 days of receipt of the letter,
giving the reasons why. In all cases, the decision of the Chairman is final.
All other complaints
Any complaint in respect of any other matter, including inter‐alia but with limitation, the assessment
or examination environment or facilities, including the invigilation of the examination, or the
conduct of any other person whether candidate or staff of the FPSB (UK) Limited , or any other
matter surrounding the registration for the assessment must be made by way of letter addressed to
the Qualifications Director, FPSB UK to arrive no later than 14 days following the date of the
examination or the date on which the matter complained of occurred if some other date.
We will acknowledge the complaint, in writing, within seven days of receipt. The acknowledgement
will set out the date by which the candidate can expect a response to the complaint. Following
investigation of the complaint a full response will be sent to the complainant, within the timescale
set out in the FPSB UK’s acknowledgement of the complaint, setting out the steps taken during the
course of the investigation, the results of the investigation and the final decision on the matter.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 12
4 FPSB UK Customer Service Statement
We are committed to providing high quality services and qualifications for all our stakeholders in
support of building the profession of Financial Planning in the UK.
This statement will help us monitor our service and continually improve that service.
You can expect us to:
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Give prompt, helpful and friendly response to telephone and e-mail enquiries, normally within
two working days.
Answer telephone calls promptly and professionally.
Respond to written correspondence within seven working days.
Deal with complaints promptly providing an initial response within five working days.
Deal with financial transactions within two months.
Protect confidential information.
Provide regular updates on our website to keep stakeholders informed of all our latest news
and guidance in all areas.
Provide regular updates via post, journal, pr and email and respect your wishes with regard to
email communications.
Maintain full and accessible current information on our fees and regularly review our pricing to
ensure we offer value for money.
Give professional and individual advice where appropriate when you seek clarification prior to
any assessment or event.
Offer qualifications with appropriate national accreditation and international recognition
Support our facilitators, candidates and staff through forward-looking course material,
publications and training.
Include clear and simple guidance notes in all our course material and handbooks, and where
possible offer these online.
Have confidential and secure procedures for storing case studies, written papers and blank
certificates.
Ensure that candidates are examined by highly trained professional assessors.
Dispatch confirmation of results within the timeframes and through the methods announced in
our supporting documents.
Respond to formal appeals as detailed in our course material, with an independent opinion at
the ultimate level.
Ensure that candidates have access to suitable assessment facilities.
Immediately investigate allegations of malpractice in relation to our assessment system.
Keep records of candidates’ achievements and respond to legitimate requests for these records.
Continue to ensure that we are committed to providing equality of opportunity and treatment
for all, and that we will not unlawfully or unfairly discriminate directly or indirectly on the basis
of gender, age, ethnic origin or disability in our dealings with candidates, facilitators, assessors,
Use best practices and implement policies and procedures to ensure that candidates are dealt
with on a consistent and fair basis.
Undertake to listen to and consult with Welsh speaking candidates to determine their needs
and monitor verifiable demand for Welsh language assessment.
Provide our candidates and other stakeholders with the opportunity to comment on all aspects
of our service by contacting us at any time.
Comply in all areas of the UK Data Protection Act.
Comply with all current relevant statutory legislation.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 13
If you wish to comment on this statement or any service offered by us, please contact us by email:
qualification@financialplanning.org.uk or call the office on 0844 873 3325. Alternatively, you can
write to the Chief Executive, FPSB (UK) Limited at the office address shown at the end of this
document. Please note, our offices are open 8am-5pm Monday to Thursday and 8am – 4.30pm on
Fridays, excluding bank holidays and between Christmas and New Year.
5 Reasonable adjustments and special considerations policy and
procedures
Candidates who may require any concession or assistance as a result of any disability or for any
other reason should contact us in writing or by telephone before applying for the assessment.
Guidance can then be given and, if considered necessary, suitable arrangements can be put in place.
Special consideration/needs
If there are any special needs the candidate may have, these should be made known to us at the
time of registration. If at any time a candidate feels there are circumstances that need to be taken
into account in assessing their case study they should raise these issues with us.
6 Malpractice procedures
Malpractice is defined as any deliberate activity, neglect, default or other practice that compromises
the integrity of the assessment process, and/or the validity of the qualifications we offered.
Malpractice may include a range of issues from the failure to maintain appropriate records or
systems to the deliberate falsification of records in order to claim certificates.
We will investigate all cases of alleged malpractice. The main purpose of an investigation is to
establish if any regulations have been breached and to determine whether there is any irregularity.
Where cases of malpractice are found, we will take appropriate action in order to maintain the
integrity of its qualifications.
Members of the IFP guilty of malpractice will be treated in accordance with the IFP Code of Practice
and Ethics. Candidates may also be referred to IFP Disciplinary Committee or the appropriate trade
body or regulator.
We are obliged to refer all proven cases of malpractice to OFQUAL in respect of all regulated
qualifications. In addition, we may refer cases to the Financial Conduct Authority.
Examples of malpractice
1.
A candidate arranging for another person to sit the assessment or to write any part of it on
their behalf.
2.
Impersonating another candidate by sitting an assessment for them or submitting work on
their behalf.
3.
Submitting any work which is not the candidate’s own original work.
4.
Copying the work of another candidate.
5.
Allowing another candidate to copy their work.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 14
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Taking forbidden items into the examination room. This may include, but is not limited to,
mobile phones, personal organisers, computers, notes or books.
Communicating with another candidate during the assessment.
Working collaboratively with another person during the assessment.
Plagiarism or misrepresentation.
Including offensive or inappropriate material within the assessment.
Identifying themselves or their company within the assessment.
Wilfully failing to follow instructions given by an officer or representative of FPSB UK.
Behaving in a disruptive manner during the assessment.
Falsifying documentation or certificates.
Knowingly allowing a candidate to breach regulations or commit malpractice.
In the event of malpractice
In the event of suspected malpractice, you should advise us in writing with full details of the events
with any relevant documentary evidence. We will instigate an investigation and advise the
candidate(s) of the investigation.
Investigation of malpractice (in accordance with OFQUAL guidance)
The purpose of the investigation is:
1.
2.
3.
4.
5.
6.
7.
8.
To establish the facts relating to allegations/complaints in order to determine whether any
irregularities have occurred.
To identify the cause of the irregularities and those involved.
To establish the scale of the irregularities.
To evaluate any action already taken.
To determine whether remedial action is required to reduce the risk to current candidates and
to preserve the integrity of the qualification.
To ascertain whether any action is required in respect of certificates already issued.
To obtain evidence to support any sanctions to be applied to the candidate and/or to
members of staff, in accordance with our own internal procedures.
To identify any patterns or trends.
Process for investigation (from OFQUAL guidance)
Stage 1: Briefing and record-keeping
Anyone involved in the conduct of an investigation should have a clear brief and understanding of
their role. All investigators must maintain an auditable record of every action during an investigation
to demonstrate that they have acted appropriately. All material associated with an investigation will
be securely stored in case of subsequent legal challenge.
Stage 2: Establishing the facts
Investigators should review the evidence and associated documentation, including awarding body
guidance on the delivery of the qualifications and related quality assurance arrangements.
Issues to be determined:
 What occurred (nature of malpractice/substance of the allegations).
 Why the incident occurred.
 Who was involved in the incident.
 When it occurred.
 Where it occurred – there may be more than one location.
 What action, if any, the centre has taken.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 15
Stage 3: Interviews
Interviews should be conducted in accordance with the relevant codes for interviewing of the nation
concerned. Thorough preparation is needed prior to any interview. Interviews should include
prepared questions; responses should be recorded.
Interviewers may find it helpful to use the ‘PEACE’ technique:
 Plan and prepare.
 Engage and explain.
 Account.
 Closure.
 Evaluation.
Face-to-face interviews should normally be conducted by two people with one person primarily
acting as interviewer and the other as note-taker. Those being interviewed should be informed that
they may have another individual of their choosing present and that they do not have to answer
questions. These arrangements aim to protect the rights of all individuals.
Stage 4: Other contacts
In some cases, candidates or employers may need to be contacted for facts and information. This
may be done through face-to-face interviews, telephone interviews, by post or by email. Whichever
method is used, the investigator will have a set of prepared questions. The responses will be
recorded in writing as part of confirmation of the evidence. Investigators should log the number of
attempts made to contact an individual.
Stage 5: Documentary evidence
Wherever possible, documentary evidence should be authenticated by reference to the author; this
may include asking candidates and others to confirm handwriting, dates and signatures. Receipts
should be given for any documentation removed from a centre. Independent expert opinion may be
obtained from subject specialists about a candidate’s evidence and/or from a specialist organisation
such as a forensic examiner, who may comment on the validity of documents.
Stage 6: Conclusions
Once the investigators have gathered and reviewed all relevant evidence, a decision is made on the
outcome. Dealing with significant cases of suspected malpractice by those involved in the delivery of
qualifications
Stage 7: Reporting
A draft report is prepared and factual accuracy agreement obtained. The final report is submitted to
the relevant regulatory authority.
Stage 8: Actions
Any resultant action plan is implemented and monitored appropriately.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 16
7 Position statement on use of Welsh and Irish
All training and assessment documents are published in English. We continually monitor the need
for documents in other languages specifically Welsh and Irish. In the event of sufficient demand, we
will arrange for translation of materials and assessments. The assessments will be based on English
law and practice. Candidates wishing to be assessed on the basis of Scottish law and practice should
advise us at registration that they wish to answer on this basis.
8 Equality of opportunity policy
We comply with all UK and European laws applicable in relation to discrimination on any grounds.
Accordingly, we are committed to providing equality of opportunity and fair treatment for all. We
will not discriminate on the basis of gender, age, marital status, sexual orientation, ethnic origin,
religion, culture or disability in dealing with candidates. When candidates first register for a
qualification, they will be given a candidate number for their assessment. Throughout the
assessment process, Financial Plans are labelled only with this number so anonymity is maintained.
The case studies used are based on real-life scenarios and are checked carefully to ensure that they
do not have any unfair bias or inaccuracies.
9 Confidentiality Policy
Any information relating to a candidate or potential candidate will always be regarded as
confidential information.
All materials, documents, and information that are provided or marked confidential will be held in
the strictest confidence and will not be discussed with anyone outside the IFP group, unless we have
your authority. Additionally, those in receipt of Confidential Information as a result of working for
the IFP group will only use it as necessary to perform their responsibilities in relation to FPSB UK and
not for any other purpose.
Computer systems are secured against unauthorised access or amendment and against loss through
accidental or deliberate damage, erasure or disclosure. Only authorised members of staff are
allowed direct access to the candidate assessment records. Manual records, including indexes and
computer printouts, are secured against unauthorised access or amendment and against loss
through accidental or deliberate damage, erasure or disclosure. Records are not normally taken out
of the building, but where this is necessary, extreme care is used in ensuring that no material is lost
or damaged in the process.
Any manual record containing confidential information that it is no longer necessary to retain is
shredded prior to disposal. Under no circumstances are such manual records discarded in any other
manner.
No question that involves confidential information will ever answered over the telephone without
establishing the identity and authenticity of the caller - and if necessary confirming with a manager if
it is appropriate to give the information.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 17
10. Data Protection statement
Data Protection
Any information that candidates provide to us will be added to our candidate database and will be
processed in accordance with the Data Protection Act 1998.
The information contained in our candidate database is used:
 to enable us to deal with your registration and application and to provide you with the services
requested
 for internal record keeping
 to enable us to send further information to you that we consider may be of interest to you; and
 for general administration purposes in connection with any of the above.
We will not pass the information supplied by you to any other person, firm or company without your
prior written. We will not transfer any information you give us outside the EU.
Candidates have the right under the Data Protection Act 1998 to apply for a copy of any personal
information we hold about them and to have any inaccurate information corrected. To exercise this
right candidates should call us on 0844 873 3325 or email: qualification@financialplanning.org.uk.
In accordance with UK Data Protection legislation, we reserve the right to charge a small
administration fee for providing this information.
11 Guidelines for challenging the validity of the certifying
procedures
Eligibility determinations
If you have submitted your ‘Qualification Review Application’ and it has been declined by the
Examination and Certification Committee, you may challenge the validity of any decision by writing
to our Qualifications Director on the below address stating your reasons and enclosing any evidence
that you have.
General certification process
If you have any concerns regarding the general process, you may challenge the validity of any
decision or procedures by writing to our Qualifications Director on the below address stating your
reasons and enclosing any evidence that you have.
FPSB (UK) Limited
One Redcliff Street
Bristol
BS1 6NP
You will receive an acknowledgement within five working days and a more detailed response within
one month.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority
for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 18
12. FPSB UK Level 6 Diploma in Financial Planning Syllabus
Core Units
Optional Units (1 from 2)
Principles of Financial
Planning†
Financial Management
and Tax Planning
Retirement
Planning
Personal Risk
Management
Asset Management
Estate
Planning
Financial Planning Practice*
 Assessed by examination
* Holistic outcome covering synthesis and implementation
Assessment will be by Examination (Unit 1 – Principles of Financial Planning) and a Financial Plan
based on a case study (Units 2, 3, 4, 5 and ONE of Units 6 or 7)
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 19
Core Unit 1: Principles of Financial Planning – Assessed by Examination
Will be tested until 30 September 2014
Title
Level
Credit Value
Learning Outcomes
The learner will be able to:
1. Demonstrate an
understanding of savings and
investments, both single
premium and regular premium
solutions, and their tax
treatment and application in
the Financial Planning process
2. Demonstrate an
understanding of, and the
ability to analyse, protection
solutions, their tax treatment
and application in the Financial
Planning process
3. Demonstrate an
understanding of, and the
ability to analyse, retirement
solutions and their tax
treatment and application in
the Financial Planning process
4. Demonstrate an
understanding of estate
planning and its application in
the Financial Planning process
5. Demonstrate an
understanding of, and the
ability to apply, Financial
Planning fundamentals
6. Demonstrate an
understanding of ethics, Codes
of Practice and their
application in the Financial
Planning process
7. Demonstrate an
understanding of risk and its
application in the Financial
Planning process
Principles of Financial Planning
4
8
Assessment Criterion
The learner can:
1.1 Understand the differences between active and passive investment
strategies
1.2 Understand structured products
1.3 Understand tax wrappers
1.4 Explain product wrapper selection, where appropriate, including openended versus closed-ended wrappers, to maximise tax efficiency
1.5 Understand onshore and offshore investments and their tax
treatments and applications
2.1 Understand whole of life policies
2.2 Understand term assurance policies
2.3 Understand income protection policies
2.4 Understand critical illness policies
2.5 Understand private medical and accident insurances
2.6 Understand long-term care and special needs planning
2.7 Analyse how different protection solutions are used to meet client
needs and their tax treatment
3.1 Understand the structure, characteristics and application of
occupational, personal and state pension schemes to an individual’s
retirement planning
3.2 Explain the introduction and impact of auto-enrolment and
employees’ options including NEST
3.3 Understand “non-pension” retirement planning products
3.4 Explain options for taking benefits at retirement
3.5 Analyse the implications of retirement, divorce, ill-health and death
4.1 Understand the basics of wills and will planning
(i) Events that invalidate wills
(ii) Deeds of variation and will trusts
(iii) The laws of intestacy
4.2 Understand powers of attorney including Lasting Powers of Attorney
4.3 Understand the types of trusts available, their taxation and application
5.1 Understand the key roles involved in Financial Planning
5.2 Understand the six-step Financial Planning process
5.3 Understand the key components of a Financial Plan
5.4 Understand the importance of assumptions in the Financial Planning
process
6.1 Understand FCA Approved Persons Requirements (APER) and how they
relate to roles within firms
6.2 Understand the IFP Code of Practice
6.3 Understand continuing professional development
7.1 Understand different types of risk to which a client may be exposed
(i) Systemic and non-systemic
(ii) Economic, political, market, volatility, longevity, deviation from an
index, inflation/ deflation etc
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 20
7.2 Determine what clients understand by risk
(i) Not achieving expectations – returns, outcome etc
(ii) Risk of losing money/ value
(iii) Risk tolerance and capacity for loss
7.3 Understand the relationship between risk and return
7.4 Understand how to mitigate investment risk while maintaining target
returns
(i) Diversification
(ii)Hedging
8. Demonstrate an
understanding of assets and
liabilities and their application
in the Financial Planning
process
8.1 Identify assets, liabilities including loans and debts, and irregular
capital receipts from client information
8.2 Prepare a net worth statement:
(i) During lifetime
(ii) On death
(iii)On specific events such as illness, disability, retirement
8.3 Calculate investible capital / excess liabilities
9. Demonstrate an
understanding of income and
expenditure and their
application in the Financial
Planning process
10. Demonstrate an
understanding of areas for
Financial Planning and how to
apply them
11. Demonstrate an
understanding of
assumptions and their
application in the Financial
Planning process
9.1 Identify gross and net income receipts and expenditure
9.2 Identify benefits in kind and other non-cash receipts
9.3 Prepare Income and Expenditure Analysis
9.4 Calculate net spendable income/income shortfall
12. Demonstrate an
understanding of research
and its application in
Financial Planning process
13. Demonstrate an
understanding of asset
allocation and its application
in the Financial Planning
process
14. Demonstrate an
understanding of the
principles and application of
cashflow forecasting
15. Demonstrate an
understanding of the
required documentation and
its application in the Financial
Planning process
10.1 Prioritise client needs, goals and objectives
10.2 Identify additional issues and problems
10.3 Analyse existing resources towards needs, goals and objectives and
additional issues and problems
11.1 Understand the importance of assumptions in the Financial Planning
process
11.2 Understand use of assumptions to project future values of assets,
liabilities, incomes, expenditure and cost of goals and objectives
11.3 Understand the effects that changing assumptions may have on a
Financial Plan
12.1 Understand what information may be missing from a fact find or
client meeting notes
12.2 Understand where and how to obtain further information
13.1 Understand different asset classes:
cash, fixed interest, property, equities and alternative investments
13.2 Analyse existing asset allocation vs. risk profile
13.3 Determine appropriate asset allocation for client circumstances
13.4 Understand how to achieve appropriate asset allocation
13.5 Understand portfolio drift and rebalancing
14.1 Analyse cashflow at key lifestages
(i) Current
(ii) At retirement
(iii) On ill-health
(iv) On death
15.1 Understand the documentation required to be provided to the client
and when it should be provide
15.2 Draft initial recommendations for the Financial Plan
(i) Understand the advantages and disadvantages of different
strategies
(ii) Understand the implications of the different strategies on other
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 21
16. Demonstrate an
understanding of client
reviews and their application
in the Financial Planning
process
parts of the Financial Plan
(iii) Know what should be included in a “Suitability” letter
(iv) Understand what should be included in a Financial Plan
15.3 Understand what is required to ensure that all recommendations and
documentation are compliant and technically correct
15.4 Assess the appropriateness, affordability and relevance of the current
recommendations
16.1 Understand the reasons for reviewing a Financial Plan
16.2 Understand the process of a review and what may be discussed at a
review meeting
16.3 Understand how to initiate the review meeting and gather data
16.4 Understand actions that may be required after the review
(i) Reassessing and rebalancing asset allocation
(ii) Review of existing financial solutions
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 22
Core Unit 2: Financial Management and Tax Planning
Title
Level
Credit Value
Learning Outcome – the
learner will
1. Demonstrate the ability to
analyse and evaluate
financial information
2. Demonstrate the ability to
prepare a net worth
statement
Financial Management and Tax Planning
6
11
Assessment Criterion – the learner can
1.1
1.2
1.3
2.1
2.2
2.3
2.4
2.5
2.6
2.7
3. Demonstrate the ability to
prepare an income and
expenditure analysis
4. Demonstrate the ability to
evaluate the client’s tax
position and liabilities
5. Demonstrate the ability to
develop and evaluate
financial management
strategies
6. Demonstrate the ability to
develop and evaluate tax
planning strategies
7. Demonstrate the ability to
produce effective
recommendations which
meet client objectives and
are technically accurate
3.1
3.2
3.3
3.4
3.5
3.6
4.1
4.2
4.3
4.4
4.5
5.1
5.2
5.3
6.1
6.2
6.3
Determine the client’s attitude towards savings and debt
Assess the impact of potential changes in income and expenditure
Identify conflicting demands on cashflow
Produce an accurate net worth statement based on current
circumstances
Produce an accurate net worth statement for any or all of the
following, as appropriate:
(i) On death
(ii) On specific events such as illness, disability, retirement
Include all the relevant assets and liabilities
Identify the ownership basis of the assets
Identify and apportion all relevant debts
Provide a date for each net worth statement
Clarify whether each net worth statement relates to lifetime, death
or other scenarios
Produce an income and expenditure analysis and identify clearly the
time period to which it relates
Identify gross and net income
Distinguish between regular and irregular receipts
Apportion income between recipients, where necessary
Calculate client expenditure
Calculate shortfall or surplus income
Produce an accurate tax calculation for the client
Identify the taxable nature of assets
Calculate a tax liability for each relevant tax
Identify clearly the time period to which the tax liability relates
Calculate National Insurance contributions
Develop financial management strategies
Identify an appropriate and effective financial management strategy
Ensure that the identified financial management strategy meets the
client’s stated objectives as fully as possible
Develop tax planning strategies
Identify an appropriate and effective tax planning strategy
Ensure that the identified tax planning strategy is appropriate to the
client’s circumstances
7.1 Clarify whether the client’s objectives can be achieved within
current and/or future cashflow restraints
7.2 Clarify how the solution can be adjusted, if necessary, to fit any
identified cashflow restraints
7.3 Consider a liquidity and/or cash reserve
7.4 Explain how each recommendation meets the client’s objectives as
fully as possible
7.5 Explain the tax position resulting in comments to the client
7.6 Ensure that the proposed solution meets the client’s agreed
objectives as fully as possible
7.7 Ensure that the solution is technically accurate
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 23
Core Unit 3: Personal Risk Management
Title
Level
Credit Value
Learning Outcome – the
learner will
1. Demonstrate the ability to
analyse and evaluate risk
and personal risk
management issues
2. Demonstrate the ability to
develop and evaluate
personal risk
management strategies
3. Demonstrate the ability to
prepare effective
recommendations which
meet client objectives and
are technically accurate
Personal Risk Management
6
8
Assessment Criterion – the learner can
1.1 Quantify and qualify the client’s needs and objectives
1.2 Identify the client’s attitude to mortality and morbidity risk
1.3 Discuss the client’s financial exposure to mortality and morbidity
risk
1.4 Analyse and take into account existing risk management strategies
and insurance policies
1.5 Take into account existing or anticipated assets or capital
1.6 Use appropriate, reasoned and reasonable assumptions
2.1 Develop personal risk management strategies
2.2 Identify an appropriate and effective personal risk management
strategy
2.3 Ensure that the identified personal risk management strategy meets
the client’s stated objectives as fully as possible
3.1 Analyse the taxation considerations of the solution during lifetime
and on death
3.2 Explain the qualifications, caveats and implications of the solution
clearly to the client, for example, taxation, underwriting, legal and
generic contract limitations
3.3 Ensure that the solution is affordable within parameters agreed with
the client
3.4 Ensure that the solution matches the client’s agreed investment risk
attitude (where appropriate)
3.5 Explain the ownership and method of arranging the solution
3.6 Take into account social security benefits, where applicable
3.7 Ensure that the proposed solution meets the client’s agreed
objectives as fully as possible
3.8 Ensure that the solution is technically accurate
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 24
Core Unit 4: Asset Management
Title
Level
Credit Value
Learning Outcome – the
learner will
1. Demonstrate the ability to
analyse and evaluate
existing and desired
portfolio provision
2. Demonstrate the ability to
analyse risk
3. Demonstrate the ability to
develop and evaluate
asset management
strategies
4. Demonstrate the ability to
develop asset
management solutions
which meet client
objectives and are
technically accurate
Asset Management
6
11
Assessment Criterion – the learner can
1.1 Quantify and qualify the client needs and objectives
1.2 Establish clear portfolio parameters
1.3 Analyse existing assets and compare them against the portfolio
parameters
1.4 Identify all relevant assumptions and portfolio returns
1.5 Determine the client’s risk tolerance and capacity for loss and
compare it to the existing portfolio
1.6 Analyse the existing portfolio and identify any gaps
1.7 Analyse current and future income requirements
1.8 Calculate the following:
(i)
Capital needed at a given date
(ii)
Capital discounted back to today’s value
(iii)
Capital/income needed now
(iv)
Shortfall/surplus
1.9 Ensure that the link to portfolio return is in line with the client’s
identified attitude to risk
1.10 Consider diversity in the portfolio
2.1 Analyse and evaluate the different types of risk with regard to:
(i) systemic and non-systemic
(ii) economic, political, market, volatility, longevity, deviation from
an index, inflation / deflation etc.
2.2 Identify and quantify appropriate mortality and morbidity risks
2.3 Consider diversification methods to reduce risk
3.1 Develop asset management strategies
3.2 Identify an appropriate and effective asset management strategy
3.3 Ensure that the identified asset management strategy meets the
client’s stated objectives as fully as possible
4.1 Make allowance in the portfolio for liquidity
4.2 Identify and explain all assumptions
4.3 Ensure that all assumptions are reasoned, reasonable and take
account of variations in returns of different asset classes
4.4 Ensure that the affordability of capital/income required is based on
the agreed cashflow/ expenditure pattern
4.5 Identify and justify asset/product ownership
4.6 Identify obstacles to achieving the client’s specific objectives
4.7 Take into account existing or anticipated assets or capital
4.8 Take into account social security benefits and contributions, if
appropriate
4.9 Take into account and explain all relevant taxation considerations
4.10 Ensure that the solution takes identified mortality and morbidity
risks into account
4.11 Identify and explain any relevant implications, limitations and
legal/taxation considerations
4.12 Ensure that the solution is consistent with the client’s agreed
investment attitude
4.13 Ensure that the proposed solution meets the client’s agreed
objectives and needs as fully as possible
4.14 Ensure that the solution is technically accurate
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 25
Core Unit 5: Financial Planning Practice
Title
Level
Credit Value
Learning Outcome – the
learner will
1. Demonstrate the ability to
analyse and critically
evaluate financial
planning information
Financial Planning Practice
6
14
Assessment Criterion – the learner can
1.1
1.2
1.3
1.4
1.5
1.6
2. Demonstrate the ability to
develop and use
assumptions in the
Financial Planning process
3. Demonstrate the ability to
produce comprehensive
recommendations which
meet client objectives and
are technically accurate
1.7
1.8
2.1
2.2
2.3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
4. Demonstrate the ability to
write a clear, concise
Financial Plan which
meets a client’s objectives
and is technically accurate
4.1
Identify all the information required for a financial plan
Establish and record the client’s needs, objectives and aspirations
Quantify and qualify the client’s needs and objectives
Ensure that other needs and issues are considered, recorded and a
conclusion reached
Quantify and qualify potential problems
Establish the client’s attitude to investment risk in relation to each
of the objectives
Ensure that the plan includes all relevant client data
Identify any missing client data
Discuss assumptions regarding investment growth, price inflation
and earnings inflation
Discuss other relevant assumptions
Ensure that all assumptions are:
(i)
adequate
(ii)
reasoned
(iii)
reasonable
Develop comprehensive recommendations for each of the client’s
objectives
Explain how the proposed solutions solve the identified problems as
fully as possible
Clarify whether the client’s objectives can be achieved within
current and/or future cashflow constraints
Clarify whether the solution can be trimmed, adjusted or prioritised
to fit cash flow constraints, if the client’s objectives cannot be
achieved
Explain the required actions, timing and responsibilities
Explain the underwriting process for life assurance products, where
appropriate
Explain the application process for investment products and services
including unit trusts, wraps and platforms
Include all the components of a Financial Plan
(i)
Contents page
(ii)
Introduction
(iii)
Objectives
(iv)
Attitudes
(v)
Assumptions
(vi)
Assets and liabilities
(vii)
Income and expenditure
(viii)
Financial management
(ix)
Tax planning
(x)
Personal risk management
(xi)
Asset management
(xii)
Retirement and/or estate planning
(xiii)
Action plan
(xiv)
Reviews
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 26
5. Demonstrate the ability to
understand the review
process
4.2 Ensure that the plan is a single document (bound or electronic)
4.3 Ensure that the plan has a logical structure, and is easy to read and
follow
4.4 Use clear and appropriate language throughout the plan
4.5 Explain and justify all recommendations
4.6 Refer to and justify the exclusion of any financial planning issues
4.7 Provide a clear action plan for the client
4.8 Ensure that the solutions are generally suitable for the client, with
no evidence of unsuitable advice
4.9 Ensure that the solutions are technically accurate
5.1 Explain the reason why client reviews are needed
5.2 Explain what a client review will cover and who will be involved
5.3 Explain the timings and actions involved
5.4 Explain how the review process will be initiated
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 27
Optional Unit 6: Retirement Planning
Title
Level
Credit Value
Learning Outcome – the
learner will
1. Demonstrate the ability to
analyse and evaluate
retirement planning
issues
2. Demonstrate the ability to
develop and evaluate
retirement planning
strategies
3. Demonstrate the ability to
produce effective
recommendations that
meet the client’s needs
and objectives and are
technically accurate
Retirement Planning
6
8
Assessment Criterion – the learner can
1.1 Quantify and qualify retirement planning needs and objectives
1.2 Establish the income and capital required to achieve current or
future objectives, needs and the timescale(s) applicable
1.3 Take into account and analyse existing assets or capital
1.4 Use appropriate, reasoned and reasonable assumptions
1.5 Take into account social security benefits and contributions
1.6 Take into account taxation considerations
1.7 Quantify and qualify appropriate mortality and morbidity risks
2.1 Develop retirement planning strategies
2.2 Identify an appropriate and effective retirement planning strategy
2.3 Ensure that the identified retirement planning strategy meets the
client’s stated objectives as fully as possible
3.1 Analyse the taxation considerations of the solutions
3.2 Explain the qualifications, caveats and implications of the solution
3.3 Take into account social security benefits, where appropriate
3.4 Ensure that the solution takes identified mortality / morbidity risks
into account
3.5 Ensure that the solution is consistent with the client’s agreed
investment attitude
3.6 State and explain any relevant implications, limitations and
legal/taxation conditions/ consequences
3.7 Ensure that the capital or expenditure from income required can be
afforded based on the client’s agreed cashflow/expenditure pattern
3.8 Ensure that the proposed solution meets the client’s stated needs
and objectives as fully as possible
3.9 Ensure that the solution is technically accurate
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 28
Optional Unit 7: Estate Planning
Title
Level
Credit Value
Learning Outcome – the
learner will
1. Demonstrate the ability to
analyse and evaluate estate
planning issues
2. Demonstrate the ability to
develop and evaluate
estate planning strategies
3. Demonstrate the ability to
produce effective
recommendations that
meet the client’s needs
and objectives and are
technically accurate
Estate Planning
6
8
Assessment Criterion – the learner can
1.1 Quantify and qualify estate planning needs and objectives
1.2 Consider the most appropriate methods of achieving the client’s
wishes
1.3 Take into account taxation considerations for the client and the
intended beneficiaries
1.4 Identify and explain relevant implications and/or limitations
identified and explained
1.5 Identify and explain any ‘knock on’ effects on other areas of
financial planning
1.6 Identify and explain issues that should be referred to specialist legal
and/or taxation advisers
2.1 Develop estate planning strategies
2.2 Explain the appropriate ownership of assets to achieve the stated
objectives
2.3 Identify an appropriate and effective estate planning strategy
2.4 Ensure that the identified estate planning strategy meets the client’s
stated objectives as fully as possible
3.1 Analyse the taxation considerations of the solution
3.2 Ensure that there is appropriate
(i)
use of wills
(ii)
use of trusts
(iii)
use of powers of attorney
(iv)
use of gifts
3.3 Explain the qualifications, caveats and implications of the solution
3.4 Take into account social security benefits where appropriate
3.5 Ensure that the solution is consistent with the client’s agreed
investment attitude
3.6 Ensure that the capital or expenditure from income required can be
afforded based on the client’s agreed cashflow/expenditure pattern
3.7 Ensure that the proposed solution meets the client’s stated
objectives as fully as possible
3.8 Ensure that the solution is technically accurate
All candidates should study the Diploma in Financial Planning Syllabus. For full details please visit
www.financialplanning.org.uk.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the U.S.
by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Page 29
Appendix I
CFPCM Certification - Entry Requirements
To be eligible to embark on the process of becoming a CFP professional there are three compulsory criteria
which must be met:
 Experience
 Evidence of Prior Learning
 FPSB UK Diploma in Financial Planning
1. Experience
Have a minimum of one year's supervised or three years' unsupervised experience within
Financial Planning.
Examples of the sorts of experience that is acceptable are:
1.1 Relevant Work Experience
An individual demonstrates relevant work experience, either supervised or unsupervised, working
with clients while:
• Engaging in practice described in FPSB’s Financial Planning Practice Standards;
• Applying the abilities, skills and knowledge described in FPSB’s Financial Planner
Competency Profile; and
• Adhering to ethical principles described in FPSB’s Financial Planner Code of Ethics and
Professional Responsibility.
1.2 Supervised Experience
Supervised Experience can be met by completing one year of supervised practice as described above
under Relevant Work Experience.
The supervisor, who must be a Financial Planning professional who has mastered the abilities, skills
and knowledge described in FPSB’s Financial Planner Competency Profile:
• Provides candidates with experience in, and instruction about, the practice of the
profession;
• Helps candidates to develop knowledge about the practice of the profession;
• Teaches candidates the required standards of conduct; and
• Confirms candidates are able to interact with clients.
At the end of the supervised practice period, the supervisor attests to the IFP in writing to the
candidate’s readiness to competently and ethically practice Financial Planning.
1.3 Unsupervised Experience
Unsupervised Experience can be met by completing three years of unsupervised practice as
described above under Relevant Work Experience.
Examples of the sorts of experience that are not acceptable are:


Occupations or experience outside of the financial world or roles that do not involve
numeracy work or application of financial knowledge either directly to the public or in
training those who come into contact with the public
Pure supervisory management in banking or motivational training where no financial
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
information is analysed or applied for the benefit of advice to the public.
2. Examination Passes
Candidates must hold one of the following



An appropriate qualification for Advising on Retail Investment Products (as listed by FCA)
A transitional qualification recognised by the FCA plus qualification gap-fill
A valid Statement of Professional Standing
3. FPSB UK Diploma in Financial Planning
Candidates who wish to become CERTIFIED FINANCIAL PLANNERCM Professionals must hold the FPSB UK
Diploma in Financial Planning.
Policy on changes to certification requirements
i.
Changes to Requirements
All changes to certification requirements will be published in the Introduction to the Diploma in Financial
Planning booklet, and will be issued as news items in both the next available E-News bulletin, the Financial
Planner magazine and on the website www.financialplanning.org.uk . In the Introduction to the Diploma in
Financial Planning , any changes in certification requirements within the previous two years of publication
will also be referenced.
ii.
Impact on Certificants
Successful candidates who meet the eligibility requirements may apply to the IFP to become a CFPCM
professional. The IFP will assess all candidates for CFPCM certification against the most current certification
requirements with immediate effect from the publication of such changes.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
Candidates who are part-qualified
Candidates may not start the Diploma in Financial Planning assessment process unless they comply with the
required entry standards. Experience shows those embarking on the examination process without the full
entry requirements dramatically reduce their chances of passing the Diploma in Financial Planning. Requests
for waivers to this requirement should be emailed to qualification@financialplanning.org.uk with full details
of the reasons for the request. It is important to note that if your request for a waiver is agreed, you will
have a maximum period of two years from the date of request for your case study in which to achieve all of
the entry requirements, after which time you will be required to embark on the CFP certification process
again.
Candidates who do not hold the relevant work experience requirements
Candidates may start the Diploma in Financial Planning, providing they are meeting the qualification entry
requirement before gaining the relevant work experience. However, they will have to gain the relevant work
experience before becoming the Certified Financial Planner CM Professional.
Candidates who hold qualifications/examinations that are not listed
If you hold an examination or qualification that is not included above and you believe it to be relevant, you
may apply for a review by the Examination and Certification committee of FPSB UK. Please contact FPSB (UK)
by telephone, 0844 873 3325 or by emailing qualification@financialplanning.org.uk and be prepared to
supply the syllabi relevant to your qualification and the £20 administration fee. Please note, if any
application is received either incomplete or without these items it will be returned. Candidates should allow
up to 12 weeks for a review.
Entry Requirement Enquiries:
If you have a specific query about entry requirements for the Diploma in Financial Planning please contact:
FPSB (UK) Limited
One Redcliff Street
Bristol
BS1 6NP
Tel: 0844 873 3325
Fax: 0117 929 2214
Email: qualification@financialplanning.org.uk
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
APPENDIX II
The Principles of Financial Planning Exam: Fees and Dates
Examination Dates 2014*
All examinations will take place in Bristol and regional venues on the dates below
Bristol Exams
th
25 February
th
25 March
th
29 April
th
27 May
th
24 June
nd
22 July
th
26 August
rd
23 September
th
28 October
th
25 November
th
16 December
FPSB UK Office
FPSB UK Office
FPSB UK Office
FPSB UK Office
FPSB UK Office
FPSB UK Office
FPSB UK Office
FPSB UK Office
FPSB UK Office
FPSB UK Office
FPSB UK Office
Regional Exams
th
27 February
th
27 March
st
1 May
th
29 May
th
26 June
th
24 July
th
28 August
th
25 September
th
30 October
th
27 November
th
18 December
London
Manchester
London
Scotland
London
London
London
Manchester
London
Scotland
London
Fees: £165 Exam entrance and assessment
*All dates are subject to minimum numbers. FPSB UK reserves the right to change the date and / or
venue in the event of this requirement not being met.
** Please note that the FPSB UK office is on the first floor and is only accessible via a flight of stairs.
Please contact us if this is not convenient for you and we will make alternative arrangements.
Entries should be received by FPSB UK 30 days before the Examination date.
Other venues and dates may be available subject to sufficient numbers.
Please contact qualification@financialplanning.org.uk for details
Please note that VAT is not applicable to qualification related fees.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
The Principles of Financial Planning
EXAM REGISTRATION FORM
1. Candidate Information
First Name:
Title:
Last Name:
Job Title:
Company/Organisation:
Company Address:
Town / City:
Postcode:
Telephone:
Email:
IFP Member?
Yes
No
Membership No.:
2. Exam and Assessment (2014)
Bristol Exams*
25 February
FPSB UK Office
th
25 March
FPSB UK Office
Regional Exams
27 February
London
th
27 March
Manchester
29th April
27th May
FPSB UK Office
FPSB UK Office
1st May
29th May
London
Scotland*
24th June
22nd July
FPSB UK Office
FPSB UK Office
26th June
24th July
London
London
26th August
FPSB UK Office
28th August
London
th
rd
23 September
th
FPSB UK Office
th
th
Manchester
th
25 September
28 October
25th November
FPSB UK Office
FPSB UK Office
30 October
27th November
London
Scotland*
16th December
FPSB UK Office
18th December
London
Time and venue of exams will be advised two weeks before exam date. *Venue city dependent on demand
* Please note that the FPSB UK office is on the first floor and is only accessible via a flight of stairs. Please
contact us if this is not convenient for you and we will make alternative arrangements.
3. Eligibility Requirements
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
CM
Please refer to the entry requirements which can be found in the CFP Certification Handbook and Certificate in
Paraplanning Handbook. You will need to send in evidence of your examination passes (Certified copies or a CII learning
statement is acceptable) along with this registration form in order to be eligible to register for the examination.
Please indicate whether you are entering the exam as a CFP Certification or a Certificate in Paraplanning candidate.
Diploma in Financial Planning candidate
#
Certificate in Paraplanning candidate
Please list relevant exam passes-
#
Only candidates that fulfil the entry requirements for the Diploma in Financial Planning will be allowed to request the CFP Certification
case study upon successful completion of the Principles of Financial Planning exam.
4. Payment
Total Amount Payable: £
CHEQUE
I enclose a cheque made payable to FPSB (UK) Limited for £165
CARD
Please debit my card for the GRAND TOTAL above. Please select card type:
Mastercard
Visa
Visa Debit
165.00
Other (Amex not accepted):
Name on card (as printed):
Card number:
Expiry date:
3 digit security no:
Card address (if diff to above):
Post Code:
Signature:
By checking this box you are agreeing to the Terms and Conditions of Booking. FPSB UK strongly recommend that you
read the booking terms and conditions as set out on the IFP website: www.financialplanning.org.uk.
Signed:
Date:
Please return to: FPSB UK, One Redcliff Street, Bristol, BS1 6NP. P: 0844 873 3325. E: qualification@financialplanning.org.uk
Appendix III
The Case Study Assessment Fees
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
Assessment 2014 Fees
£75.00
Case study order
Assessment submission fee
£150.00
Assessment re-submission fee
(maximum of two)
£150.00
Please note that VAT is not applicable to qualification related fees.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
Appendix IV
Recommended reading list:
As well as studying the syllabus, we recommend that you familiarise yourself with the techniques
associated with creating a comprehensive financial plan by consulting the following books:
SDB Training – Easy Steps Guides:
(www.sdbtraining.co.uk)
 Income Tax Calculations
 IHT Calculations
 CGT Calculations.
 Financial Calculations Guide
Whillans Tax Tables – latest edition
www.lexisnexis.co.uk
Time Value of Money Booklet (IFP)
Available from the IFP either with or without a financial calculator, the booklet breaks down a variety of time
value of money calculations into easy to remember steps.
www.financialplanning.org.uk
Seven Stages of Money Maturity
by George Kinder. From where do our attitudes about money come – how do they influence our lives? How can
we approach financial planning with honesty and without fear?
The Life Assurance and Pensions Handbook - Taxbriefs
This is the market leading guide for Advisers, updating legal and regulatory changes and acting as comprehensive
aide memoir for advisers.
www.taxbriefs.co.uk
Taxbriefs Tax Guide (latest edition) - Taxbriefs
The most complete tax planning guide designed for advisers, covering not only personal tax issues but also the
taxation of business.
Professional Advisers Fact File - Taxbriefs
A handy source of data that every adviser needs to answer client questions and help explain and promote various
aspects of financial planning.
DIY Financial Planning Guide
CM
By Jane Wheeler. Jane is a Fellow of the Institute of Financial Planning, a CERTIFIED FINANCIAL PLANNER
professional and a Chartered Financial Planner. The Guide is based on Jane’s useful book for consumers on
Financial Planning called “Sorted!” It gives helpful tips and guidance around key Financial Planning steps.
Download DIY Finanical Planning Guide http://www.financialplanning.org.uk/sites/financialplanning.org.uk/files/user/121116_fpw_a_brief_guide_to_di
y_financial_planning.pdf
Calibrand Diploma in Professional Financial Advice
Training materials to support the Diploma – available free from
www.calibrand.com
The process of financial planning – Taxbriefs
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
A practical guide for financial advisers looking to begin re-engineering the way they give financial advice.
www.taxbriefs.co.uk
Recommended websites:
We also recommend that you familiarise yourself with the various technical data and techniques
associated with creating a comprehensive financial plan by consulting the following websites:
Useful websites
1.
Debt Management Office for information on the UK gilts market:
www.dmo.gov.uk/
2.
Retail Prices Index history
http://www.ons.gov.uk/ons/publications/all-releases.html?definition=tcm:77-22462
3.
Official life expectancy data:
http://www.statistics.gov.uk/hub/population/deaths/life-expectancies
4.
Institute of Financial Planning – branch meetings, more courses, CFPCM certification and much
more:
www.financialplanning.org.uk
5.
Association of Investment Companies – investment trust and closed-ended investment
company data:
www.theaic.co.uk
6.
Investment Management Association – OEIC and unit trust data:
www.investmentuk.org
CFPCM, CERTIFIED FINANCIAL PLANNERCM and
are certification marks owned outside the
U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing
authority for the CFP marks in the United Kingdom, through agreement with FPSB.
Appendix I
FPSBUK-101 05/14